Enda Kenny (Mayo, Fine Gael)

We can discuss the detail when we have statements in the House tomorrow.

It is clear that Spain has had a problem for some time. Spain's formal request under the ESF for €62 billion and a cushion of up to €100 billion for its banks clearly presents a challenge for Prime Minister Rajoy in respect of dealing with his country's deficit while borrowing at rates of almost 7%. Prime Minister Monti discussed with me on the telephone last week before I went to the meeting the virtuous circle of which Italy is a member, given that it has to roll over €20 billion in loan repayments every month, which is an enormous challenge. The meeting, in its discussions, decided that nothing was agreed until everything was agreed. The process of the meeting was to start with different segments, including the jobs and growth agenda, multi-annual financial frameworks and a report from Denmark, before moving into the discussions on the eurozone.

See this speech in context